Ann: Company Update and Samuel EPC Settlement, page-16

doesnt read great, not too bad either. Reduction in personnel is not a great sign however.

Key will be discussion with offtakers. They basically have PEN over a barrel.

Question is how much is factored in, everyone knew production downgrade was coming. Much of the answer will be in the cap raise price. Around 50c and things look ok, likely the bottom. Below 40c indicates a grim future and pain ahead